A rule is a rule and guidance is, well … not a rule.

That’s the word from the federal financial regulatory agencies, who this month are pledging that they will not treat guidance as if it were a rule.

“Unlike a law or regulation, supervisory guidance does not have the force and effect of law, and the agencies do not take enforcement actions based on supervisory guidance,” the CFPB and five prudential agencies, including the NCUA, said in a statement issued on Sept. 11.

David Baumann

 

Credit Union Times

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